As the new Tax Collection at Source (TCS) on foreign remittances is set to become applicable from October 1, travel agents' body TAAI has made a last-minute plea to the government, urging them to abolish the decision or defer its implementation until the next fiscal year to allow discussions on overseas tour packages. The government has raised the TCS on foreign remittances under the Liberalised Remittance Scheme (LRS) from 5 per cent to 20 per cent. This will be applicable to international travel, sending money abroad and other remittances.
The attorney general told the apex court that the invasion of privacy was very minimal in Aadhaar and it may not even be considered as an invasion.
Rajasthan Chief Minister Bhajanlal Sharma, state BJP president C P Joshi and Union minister Bhupendra Yadav welcomed them into the party at its state headquarters in Jaipur.
A government report revealed that fake companies floated with fake addresses, issued fake GST invoices and generated fake e-way bills, with fake vehicle registration details without supplying any goods causing huge loss to the exchequer.
Switzerland's Ambassador to India Linus von Castelmur also said the past cannot be undone, while promising full support of his country in cases where at least some proof is provided on tax frauds.
Barcelona agreed to pay a fine of 5.5 million euros ($6.21 million) to the Spanish authorities to settle a tax fraud case over the transfer of Brazil international Neymar in 2013.
An expert committee, set up by the Supreme Court to probe allegations against the Adani group following a bombshell report from a US short seller, has members with potential conflict of interest, a fresh petition filed in the apex court on Monday said.
The Supreme Court is scheduled to pronounce on Thursday its order on a batch of PILs on the recent Adani group shares crash triggered by the Hindenburg Research's fraud allegations.
Without naming either the alleged kingpin of the fraud, billionaire jeweller Nirav Modi, or Punjab National Bank, Jaitley questioned the ethics of some businesses in the country and asked as to why the bank's internal and external auditors could not detect the fraud which had been going on for 7 long years.
'If the RBI liability is extinguished and they no longer remain legal tender, then those Rs 500 and Rs 1,000 notes are worthless paper.' 'Then why should it be a criminal offence to keep that paper?'
The agency filed its affidavit in response to Goyal's habeas corpus (produce the person) petition in which he claimed he was illegally arrested by the ED in the case.
This follows a recommendation by the Income Tax department after the Satyam accounting fraud issue broke in January following founder Ramalinga Raju's confession. I-T officials said since the returns were e-filed, there was no provision to check whether or not the tax audit reports were certified by the chartered accountant.
The net profit of the listed Adani group companies more than doubled year-on-year (Y-o-Y) in the first half of 2023-24 (H1FY24), even as their revenue declined in this period. The nine firms posted a 107.7 per cent jump in net profit at Rs 23,929 crore in April-September compared to the year-ago period. Net sales, on the other hand, were down 14 per cent to Rs 1.49 trillion in H1FY24, data collated by Business Standard showed.
It is high time the Indian government signalled discomfort with the UK providing refuge to those accused of financial crimes in India, states Jaimini Bhagwati.
The extraordinary admission on Tuesday came the same day as Trump's former campaign chairman, Paul Manafort, was convicted of five counts of tax fraud, two counts of bank fraud and one count of failure to disclose a foreign bank account. The jury was unable to reach a verdict on the remaining 10 counts, and the judge declared a mistrial on those charges.
Real Madrid forward Cristiano Ronaldo wants to leave the club and Spain after being accused of committing tax fraud in the country, a report in Portuguese sports daily A Bola said on Friday.
The crucial hearing on the PILs by a bench headed by Chief Justice D Y Chandrachud assumes significance in the wake of recent developments in which the Centre agreed to the apex court's proposal to set up a committee, likely to be headed by a former Supreme Court judge, to look into the regulatory regimes.
A fresh PIL was filed on Thursday in the Supreme Court seeking a probe by multiple central government agencies under the supervision of a panel or a former apex court judge against the Adani Group of companies following allegations of fraud and share price manipulation made by the US-based Hindenburg Research.
A UK court on Monday ruled that Sanjay Bhandari, an accused middleman and consultant in arms deals, can be extradited to India to face charges of tax evasion and money laundering.
rediffGURU Ramalingam Kalirajan answers your personal finance queries.
The CBI had registered a preliminary enquiry in 2016 which was later converted into a regular case, they added.
Jaitley said the cap on cash transactions is being reduced to curb generation of black money and the move to introduce electoral bonds is for cleansing the political funding
'Under Modi Ji's 'Jan Dhan Loot Yojana', another scam!' he tweeted.
The department has warned taxpayers that illegal 'mobile applications' circulating in the webworld for smartphones, especially Android and BlackBerry phones, 'may not be according to the department's data structure' and parameters.
Billionaire Gautam Adani's group on Tuesday said it will prepay $130 million of debt as it looks to boost investor confidence post being targeted by a US short-seller. Adani Ports and Special Economic Zone, the ports company of the Adani Group, had last month floated a tender to buy back as much as $130 million of its July 2024 bonds and similar amounts in each of the next four as it looked to regain investor confidence by showing that its liquidity position is comfortable. In a stock exchange filing, APSEZ said an aggregae principal amount of $412.7 million was validly tendered.
Bayern President Uli Hoeness has pledged a big-name signing in the close season and Italian media had reported in recent days the German champions were interested in Ronaldo.
'There are unscrupulous traders who create fake invoices by showing bogus e-way bills, movement of goods.' 'Since the entities registered across different states, and kept on changing their numbers, tracing them was difficult.'
A proposal for creation of seven Customs Overseas Intelligence Network units is pending with the Ministry of External Affairs.
The question of tax concession arises only in the case of short-term capital gains, as a long-term holder of Satyam shares would, in fact, be incurring loss, as the scrip plummeted after the company's disgraced founder Ramalinga Raju confessed to fudging of accounts. Since the gains would be made only in case of those who would have bought the shares recently, the sources said such shareholders would have to be taxed, as they made a killing in the stock market.
US Republican front runner Donald Trump on Thursday came under a brutal attack from party's former presidential nominee Mitt Romney who called him "phony and a fraud".
The onus is on companies to put in place a vigil mechanism to detect and deter fraud.
Swiss authorities have always maintained that assets held by Indian residents in Switzerland cannot be considered as 'black money' and they actively support India in its fight against tax fraud and evasion.
Market regulator Sebi suppressed important facts from the Supreme Court and "slept over" Directorate of Revenue Intelligence's letter on alleged stock manipulation by the Adani firms, one of the PIL petitioners in the Adani-Hindenburg row has alleged in the top court in an affidavit. The apex court is seized of four PILs on the Adani-Hindenburg controversy including those by lawyers M L Sharma and Vishal Tiwari, Congress leader Jaya Thakur and law student Anamika Jaiswal. On August 25, SEBI had informed the apex court it has completed the probe in all but two allegations against the Adani group, and is still awaiting information from five tax havens on the actual owners behind the foreign entities that have invested in the conglomerate.
In a boost to the embattled Adani Group, Mauritian Financial Services Minister Mahen Kumar Seeruttun has told the nation's Parliament that Hindenburg Research's allegations of the presence of 'shell' companies in the Island nation are 'false and baseless' and that Mauritius was in compliance with OECD-mandated tax rules. US short seller Hindenburg on January 24 alleged that billionaire Gautam Adani used shell companies based in Mauritius to manipulate stock prices of his Indian-listed companies.
The National Commission concluded that the claim had been rightly rejected on grounds of misrepresentation in the proposal form and breach of duty to maintain utmost good faith while applying for insurance coverage.
GST officers can now launch prosecution against offenders in cases where the amount of evasion or misuse of input tax credit is more than Rs 5 crore, the finance ministry has said. However, this monetary threshold will not be applicable in the case of habitual evaders or in cases where arrests have been made at the time of investigation. "One of the important considerations for deciding whether prosecution should be launched is the availability of adequate evidence," the GST investigation wing under the finance ministry said, while issuing instructions for launching prosecution.
The Organised Crime and Corruption Reporting Project (OCCRP) on Thursday trained its guns on the Adani Group, alleging hundreds of millions of dollars were invested in publicly traded group stocks through Mauritius-based 'opaque' investment funds managed by partners of promoter family, charges the conglomerate denied vehemently.
Hundreds of millions of dollars were invested in publicly traded Adani group stocks through Mauritius-based 'opaque' investment funds by partners of promoter family, the Organised Crime and Corruption Reporting Project (OCCRP) alleged on Thursday. The fresh allegations by an organisation funded by likes of George Soros and Rockefeller Brothers Fund come months after a US short seller wiped away close to $150 billion in value of Adani group stocks with allegations of accounting fraud, stock price manipulation and improper use of tax havens by the ports-to-energy conglomerate run by billionaire Gautam Adani. Adani group has denied all allegations. Citing review of files from multiple tax havens and internal Adani Group emails, OCCRP said its investigation found at least two cases where the "mysterious" investors bought and sold Adani stock through such offshore structures.
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As many as 267 of 453 companies from the BSE500 index are trading above their consensus price targets, according to the data compiled by Bloomberg. Not all companies in the BSE500 index are tracked by analysts.
